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Ayala energy arm investing P1.86B in Laguna solar farm

AC Energy Philippines, Inc. is investing up to P1.86 billion in a company that is developing a 120-megawatt (MW) solar farm in Laguna, the Ayalas’ energy arm in the country told the stock exchange on Tuesday.

The company said it had signed an agreement with SolarAce1 Energy Corp. to subscribe to the latter’s 6 million Class A common shares and 180 million Class A redeemable preferred shares (RPS). It provided details on the planned solar plant investment in first disclosed on Oct. 10, 2019.

“SolarAce1 is developing a 120 MWdc (direct current) solar power farm project to be located in the Municipality of Alaminos, Laguna,” AC Energy Philippines said.

It said SolarAce1 is a wholly owned subsidiary of Gigasol2, Inc., which is a subsidiary of AC Energy Development, Inc., one of the companies acquired by AC Energy Philippines on Oct. 9 in a property-for-share swap. The share swap is pending regulatory approvals.

“The subscription will be used to fund initial works to start the construction of the plant,” the company said.

It said the total 186 million shares to be acquired represent 25.83% of the total outstanding stocks of SolarAce1. The Common A shares and the Class A RPS are both priced at P10 each for a total subscription price of P1.86 billion.

AC Energy Philippines, the unit of AC Energy, Inc. for its local projects, said the common shares were paid in full while 35% of the redeemable preferred shares were paid in full. Payment of the balance amounting to P699,963,160.36 is to be within the year.

It said the closing of the transaction is subject to the necessary regulatory approvals from the Securities and Exchange Commission on the increase in the authorized capital stock of SolarAce1.

On Tuesday, shares in AC Energy Philippines traded lower by 2.13% to close at P2.30 each. — VVS

No dozing off for Ballet Manila as it readies for Sleeping Beauty

THREE MONTHS after a fire ravaged the Star City complex destroying the Aliw and Star Theaters which was Ballet Manila’s home in the process, the dance company continues undaunted with the rest of the performances in its 24th season.

“You cannot kill the fighter in me,” Ballet Manila CEO and artistic director Lisa Macuja Elizalde said about the decision to showcase Sleeping Beauty, the last installment of the “Princess Trilogy” which she choreographed. “I decided that was the best way to get out of this rut that I was in,” she said at last week’s press conference at the Ballet Manila studio 2 in Pasay City.

Originally scheduled for December 2019 at the Star Theater, the show will instead have performances on Jan. 18 and 19 at the Newport Performing Arts Theater in Resorts World Manila, Pasay City.

GOING NON-TRADITIONAL
The ballet by Ivan Vsevolozhsky and Marius Petipa, set to music by Peter Tchaikovsky, has been modified by shortening its running time and removing its divertissements.

In the ballet, Princess Aurora is cursed by the evil fairy Maleficent to fall into a deep death-like sleep, after pricking her finger on a spindle on her 16th birthday. She can only be awakened by true love’s kiss.

Co-choreographed by Osias Barroso, Ballet Manila’s version will introduce new characters such as the Keeper of the Golden Plates, as well as have guest appearances by princesses Cinderella and Snow White and their princes.

The Newport Performing Arts Theater’s giant LED screen will be used to project backdrops, and the production will have minimal sets and props.

“You have to come to the show to find out how it works,” Ms. Macuja Elizalde said.

“All our subscribers and ticket holders for the previous productions in Aliw Theater, we accommodate them with a better seat in the Newport [Performing Arts] Theater. We will do our very best to make them comfortable and make them loyal to Ballet Manila,” she told BusinessWorld.

Playing the role of Princess Aurora is principal dancer Jasmine Pia Dames and fellow principal dancer Romeo Peralta plays Prince Phillip. Also performing are Mark Sumaylo, Rissa May Camaclang, Joan Sia, Gerardo Francisco, Rafael Perez, Alvin Dictado, Shaira Comeros, and Emma Harris.

MOVING FORWARD
Ms. Macuja Elizalde admitted that it was difficult to accept that they had to take chances and cut costs to continue with the rest of the 24th season after the fire in Star City.

“We take everything one day at a time. One production at a time. The beauty of it was that we were able to reach out to audiences that we would normally do not get in Aliw Theater and Star Theater,” she said, adding that they have performed in state universities and at the Cultural Center of the Philippines (CCP) since the disaster.

The 24th season’s final shows, La Traviata and Carmina Burana, will be staged at the Samsung Hall at SM Aura Premier in BGC, Taguig City, on March 7 and 8.

“We’re going to keep the production manageable and simple. We’re going to let go of the huge theatrics that we normally do in Aliw Theater,” Ms. Macuja Elizalde said.

She noted that the rest of the season is still “in the making.”

“At the moment, we are opening our 25th season with a silver gala in the CCP Main Theater on July 17 and then we do a national tour of Ibong Adarna by 2019 TOYM awardee Gerardo G. Francisco, Jr.,” she said.

Ms. Macuja Elizalde noted that the upcoming season will include two classical ballets and “three other productions.”

“It will depend on whether or not we are really able to open in Aliw Theater in October 2020 as we are now planning to do,” she said.

For tickets to Sleeping Beauty, visit TicketWorld at (www.ticketworld.com.ph, 8891-9999). For more information, visit balletmanila.com.ph/ or www.facebook.com/BalletManilaOfficial/. — Michelle Anne P. Soliman

Gov’t partially awards T-bills as rates rise

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off yesterday as rates increased across-the-board following the uptrend in inflation and the possible uptick in global oil prices due to geopolitical tensions abroad.

The Bureau of the Treasury (BTr) raised P16.875 billion in T-bills out of its P20-billion program even as the auction was met with bids worth over P23 billion.

The Treasury fully awarded the 91-day papers even as the tenor fetched higher rates while they decided to partially award the 182- and 364-day bills.

Broken down, The government fully awarded the P6 billion it wanted to borrow via the 91-day T-bills at an average rate of 3.328%, 14.9 basis points (bps) higher than the 3.179% fetched during the last auction on Jan. 6.

On the other hand, the Treasury accepted just P4.85 billion in bids for the six-month papers out of the P6-billion program even as the tenor attracted bids worth P6.8 billion. The 182-day T-bills fetched an average rate of 3.587%, 15.2 bps more than the previous’ 3.435%.

Meanwhile, for the 364-day papers, the Treasury raised only P6.025 billion out of the P8-billion program as the tenor was undersubscribed, with tenders only reaching P7.425 billion. The one-year securities yielded an average rate of 3.896%, also 27.2 bps higher than the 3.624% fetched in last week’s auction.

Rates at the secondary market of the three-month, six-month and one-year papers stood at 3.261%, 3.429% and 3.732%, respectively, on Tuesday, based on the PHP Bloomberg Valuation Service Reference Rates.

Treasurer Rosalia V. de Leon said the one-year papers were slightly undersubscribed since investors are currently considering the duration risk for the tenor.

Ms. De Leon said the rates during the auction increased “because of the faster-than-expected December inflation and of course, ’yung (the) events both domestic and external.”

“First in the domestic, given ’yung happening (the impact of the) eruption of Taal (Volcano), so they would still have to see — everything is very fluid, watching what happens to the local economy of the affected areas. On the external front, (the) Iraq tensions (US-Iran), so we see also na (that global) oil prices (are) creeping up, that also adds up to what will be inflation for the coming months. So that’s being priced in, in the bids of today’s auction,” she told reporters after the auction on Tuesday.

Authorities raised Alert Level 4 due to the eruption of Taal Volcano on Monday. The ashfall was felt in the nearby provinces of Tagaytay, Laguna, Cavite, Rizal, Bulacan, and even in Metro Manila.

Work in government offices resumed on Tuesday after the previous day’s cancellation due to the ashfall, while classes remained suspended yesterday in Metro Manila.

The government reported last week that headline inflation picked up to 2.5% in December, averaging at the same rate in 2019. Last year’s headline inflation average fell within the 2-4% official target and was significantly slower compared to 2018’s 5.2% print.

However, economists flagged the conflict between US and Iran as possible risks to inflation this year as this may cause global oil prices to spike.

Sought for comment, a bond trader said the drivers for the auction were “the recent uptick in the (exchange of) dollar-peso. (Due to) weaker peso, the market bid higher. The (stronger) dollar brought about by the recent geopolitical tension in Iran (and US) and the high inflation trend (also contributed).”

Bloomberg reported Monday that the peso will likely remain weak, along with other currencies in the Southeast Asian nation, on the back of widening current account deficit, based on a report from the Goldman Sachs Group, Inc.

Meanwhile, Reuters reported on Monday that oil prices in the global market decreased by around one percent to $64.20 per barrel for the Brent crude and $58.08 for the West Texas Intermediate crude as the tension between US and Iran eased.

However, it said investors were now closely watching the US gasoline stocks which jumped by “9.1 million barrels in the week to Jan. 3,” at its highest in one week in four years.

The tension between the US and Iran when the a US air strike killed Iran’s top general last Jan. 3, to which Iran retaliated by firing off missiles at US forces in Iraq.

EXTERNAL BORROWINGS

Meanwhile, Ms. De Leon said the Treasury is programmed to borrow $3.7 billion from external sources for the year, but they have yet to secure the necessary approvals from the concerned regulators.

Likewise, she said the BTr will still consider the issuance of retail Treasury bonds, as the sale of the debt papers “will always be on the menu.”

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — B.M. Laforga

FDC secures top credit rating

FILINVEST Development Corp. (FDC) has been given the top credit rating by a local debt watcher for its planned P15-billion bond issuance.

After the Gotianun-led holding firm announced last week its intention to apply for P8-billion retail bonds with an oversubscription option of up to P7 billion, Philippine Rating Services Corp. (PhilRatings) said Tuesday it is giving the proposed issuance a credit rating of “PRS Aaa.”

PRS Aaa is the highest credit rating that PhilRatings gives to borrowers, which means a company is expected to have an “extremely strong” capacity to meet its financial commitments.

PhilRatings likewise gave its credit rating to FDC a stable outlook, which means the rating is expected to stay in the next 12 months.

The debt watcher said it took into consideration FDC’s stable revenue streams, the strong track record of its subsidiaries, its conservative and professional management and the “well-positioned businesses” of the company in real estate and banking.

“Being in the business for over four decades, FDC and its subsidiaries have survived the country’s economic downturns, financial crises and political turmoil… The company’s chosen technical partners in power, hospitality and other business ventures also have the expertise and track record in their respective industries,” PhilRatings said.

It noted the company’s earnings remained “steady” over the years, with consolidated revenues keeping an uptrend since 2016. FDC’s total revenues grew 17% to P55.26 billion in the first nine months of 2019 to reach an attributable net income growth of 16% to P8.98 billion.

PhilRatings added the higher score of group 6 for the Philippines’ banking system by S&P’s revised Banking Industry Country Risk Assessment gives it confidence that FDC’s banking unit will perform well this year. It also said the projected growth of the real estate sector in the country by Jones Lang LaSalle, Inc. bodes well for FDC’s real estate business.

“PhilRatings based its assessment on available information and projections at the time that the rating review was performed. PhilRatings shall continuously monitor developments relating to FDC and may change the ratings at any time, should circumstances warrant a change,” it said.

FDC controls Filinvest Land, Inc.; East West Banking Corp.; Filinvest Hospitality Corp.; FDC Utilities, Inc. and Pacific Sugar Holdings Corp., among others.

Shares in the company at the stock exchange slipped 0.46% to P13.10 apiece on Tuesday. — Denise A. Valdez

It’s a (mostly) man’s world as Joker leads Oscar nominations

DARK comic-book story Joker led nominations on Monday for the Oscars in a best picture lineup dominated by stories by or about men and featuring only one actor of color despite efforts over the past few years to diversify the field.

The 11 nods for Joker, which turned the comic-book genre on its head with its terrifying portrayal of an isolated loner, covered all the major fields, including best picture, director Todd Phillips, and Golden Globe-winning actor Joaquin Phoenix. The controversial Warner Bros. movie has taken in more than $1 billion at global box offices.

Phillips in a statement said he saw the film as “a character study to reflect the world around us. Explore what we’re seeing and feeling in society, from the lack of empathy to the effects of the absence of love.”

Joker will compete for the top prize with testosterone race car drama Ford v Ferrari, Netflix gangster movie The Irishman, Nazi-era satire Jojo Rabbit, divorce drama Marriage Story, World War One film 1917, nostalgic show-business story Once Upon a Time in Hollywood, and South Korean social satire Parasite.

Netflix got 24 nominations, including for biographical drama The Two Popes and documentary American Factory, one of the first collaborations with the production company of former US President Barack Obama and his wife Michelle.

Only Sony Pictures’ Little Women, an adaptation of the classic Louisa May Alcott novel by an all-female production team, broke the mold with its best picture nod.

Director Greta Gerwig was shut out of the all-male directing race, but she scored a nomination for adapted screenplay. Stars Saoirse Ronan and Florence Pugh were also nominated.

Pugh said it was sad that Gerwig did not get a director nod but she told Reuters: “She got her film seen and people are recognizing the work and the talent that’s been put into it. So as sad as it is, we didn’t lose out completely.”

Little Women co-producer Amy Pascal said the movie “made history by being only the third movie ever to be nominated for best picture that’s written, directed, and produced exclusively by women.”

However, a record 62 women got nominations on Monday, almost one-third of the field, said the Academy of Motion Picture Arts and Sciences, whose 8,000 members vote on the nominees and the winners.

The academy on Monday did not respond to a request for further comment on the issue of diversity among the nominees.

The Oscars will be awarded in Hollywood on Feb. 9.

“I can’t look at this slate of nominees and say that anyone really doesn’t deserve to be there. I don’t necessarily see the omission of Greta Gerwig from this year’s slate of nominees as a gender-based decision,” said Owen Gleiberman, chief film critic for Variety, told Reuters.

SOMETHING FOR EVERYONE
Only one of the 20 acting nominees was a person of color: Cynthia Erivo for her lead role as anti-slavery activist Harriet Tubman in Harriet.

Last week the British BAFTA nominations were an all- white affair in the acting races.

A lack of nominees of color, which led to the hashtag #OscarsSoWhite, prompted the Academy in 2016 to diversify its mostly white, male membership by inviting more women and people of color to join.

Universal Pictures’ 1917, which took home the Golden Globe for best movie drama last week, got 10 nods, including for British director Sam Mendes.

Co-producer Pippa Harris said the film, about two young soldiers who have to deliver a lifesaving message across enemy lines, resonated because it went beyond the traditional war movie.

“There is very little blood and gore,” she told Reuters, saying the movie also focused on “friendships that get formed in the heat of battle, the importance of being home, being separated from your family.”

Harris said the nominations overall had something for everyone. “There are stories that feature men front and center stage, but what’s great is that there are also films like Little Women and Parasite which couldn’t be further apart in terms of their approach to filmmaking and subject matter.”

Parasite, a dark satire about the gap between rich and poor, became the first South Korean movie to be nominated in both the best picture and best international film categories. Director Bong Joon Ho also received a nod for best director.

Notable omissions included Robert De Niro, star of The Irishman, Jennifer Lopez for Hustlers, Eddie Murphy for comedy Dolemite is My Name, and Disney’s animated blockbuster Frozen 2. — Reuters

US Treasury drops China currency manipulator label ahead of deal

WASHINGTON — The US Treasury department on Monday dropped its designation of China as a currency manipulator days before top officials of the world’s two largest economies were due to sign a preliminary trade agreement to ease an 18-month-old tariff war.

The widely expected decision came in a long-delayed semi-annual currency report, reversing an unexpected move by Treasury Secretary Steven Mnuchin last August at the height of US-China trade tensions.

Mr. Mnuchin had accused China of deliberately holding down the value of its yuan currency to create an unfair trade advantage, just hours after President Donald Trump, angered at the lack of progress in trade negotiations, had also accused China of manipulating its currency.

The Treasury department had not labeled China a currency manipulator since 1994. Beijing had recently met just one of the department’s three criteria needed for such a designation — a large bilateral trade surplus with the US.

In its latest currency report, the Treasury said that as part of the Phase 1 trade deal, China had made “enforceable commitments to refrain from competitive devaluation” and agreed to publish relevant data on exchange rates and external balances.

Chinese Vice Premier Liu He arrived in Washington on Monday for a White House ceremony to sign the trade deal with Mr. Trump. People familiar with the negotiations said that although the manipulator designation had no real consequences for Beijing, its removal was an important symbol of goodwill for Chinese officials.

US Trade Representative Robert Lighthizer on Monday told Fox Business that the translation of the US-China trade agreement was almost completed and the text of the deal would be made public on Wednesday before the ceremony.

The currency report said the Chinese yuan, also known as the renminbi, had depreciated as far as 7.18 per US dollar in early September, but had rebounded in October and was currently trading at about 6.93 per dollar.

“In this context, Treasury has determined that China should no longer be designated as a currency manipulator at this time,” the report said.

It said, however, China should take decisive steps to avoid a persistently weak currency and allow greater market openness to strengthen its long-term growth prospects.

There was no immediate reaction from Beijing. In August, China’s central bank denied it had intervened to weaken the yuan, and said Washington’s designation of China as a currency manipulator seriously harmed international rules.

Mark Sobel, a former senior Treasury official and adviser to the London-based Official Monetary and Financial Institutions Forum or OMFIF economy policy think tank, said China “was errantly designated at a moment of presidential pique.”

“It should never have happened in the first place,” he said. “China manages, but does not manipulate its currency.”

Mr. Sobel said China’s current account surplus was small as a share of gross domestic product and it had not intervened in currency markets for years. The August move came at a time when the yuan had fallen against the dollar because of market apprehension over Mr. Trump’s “ratcheting up of trade tariffs,” he said.

SWITZERLAND ADDED TO MONITORING LIST
The Treasury report also cited continued concerns about the currency practices of eight other countries — Germany, Ireland, Italy, Japan, Malaysia, Singapore, South Korea and Vietnam — and added a ninth, Switzerland, to its list.

It raised particular concerns about Germany, the world’s fourth-largest economy, which it said continued to have the world’s largest current account surplus and was slipping into recession. It said the German government had a responsibility to undertake tax cuts and boost domestic investment.

The Treasury report said the continued strength of the US dollar was “concerning,” given the International Monetary Fund’s judgment that the dollar was overvalued on a real effective basis.

It said the real dollar remains about 8% above its 20-year average, noting that sustained dollar strength would likely exacerbate persistent trade and current account imbalances for the United States.

US Senate Democratic leader Chuck Schumer, a fierce critic of China’s currency and trade practices, blasted the Trump administration for its decision to “back down” from labeling China a currency manipulator.

“China is a currency manipulator — that is a fact,” Mr. Schumer said in a statement. “Unfortunately, President Trump would rather cave to President Xi (Jinping) than stay tough on China.”

The yuan reached five-month highs earlier on Monday ahead of the expected signing of the trade deal. — Reuters

Airlines update flights after Taal eruption

By Arjay L. Balinbin, Reporter

PHILIPPINE AIRLINES, Inc. (PAL) has cancelled 15 flights to and from Manila on Tuesday to accommodate flights to certain routes that were cancelled recently due to the Taal Volcano eruption.

For its part, Cebu Pacific (Cebu Air, Inc.) said that its operations in and out of Manila’s Ninoy Aquino International Airport (NAIA) went back to “normal” on Tuesday.

AirAsia Philippines (Philippines AirAsia, Inc.) said “further cancellation” of flights were to be expected on Tuesday “to ensure the safety of passengers and aircraft.”

In an advisory, PAL said: “We are in the process of operating replacement flights on certain routes to assist passengers affected by recent cancellations, and in a few cases we are upgrading certain flights to larger-capacity widebody aircraft to deal with the overflow of affected passengers.”

PAL said it had cancelled 15 flights to and from Manila, including the flights to and from Bangkok, Thailand and a flight to Nagoya, Japan.

PAL said it would also arrange replacement flights to accommodate the affected passengers of the said cancellations.

In a separate advisory, AirAsia said: “While flights have gradually resumed, further cancellations are being made to ensure the safety of passengers and aircraft.”

It said AirAsia guests travelling over the next few days should check the status of their flights on the airline’s official website.

Cebu Pacific said that its operations in and out of the NAIA “are now back to normal.”

“Passengers booked on cancelled flights may manage their booking before their scheduled time of departure through the Cebu Pacific website,” it added.

Manila International Airport Authority also announced on Tuesday its second day suspension of the “daily maintenance closure of NAIA’s main runway to give way for recovery flight operations.”

It noted that its runway 06-24 undergoes “derubberizing and degreasing” daily, from 1:30 a.m. to 3:30 a.m.

“We began accepting recovery flights from 10:00 p.m. last night to 4:00 a.m. this morning. We lifted the daily maintenance closure. We will do it again tonight until airlines are able to fully recover,” MIAA General Manager Eddie V. Monreal was quoted as saying in a statement.

NAIA partially resumed operations last Monday after more than 500 flights were affected by the eruption of Taal Volcano.

About 80,000 passengers and 516 flights were affected by Sunday’s volcanic eruption.

Key nominations for the 2020 Academy Awards

NOMINATIONS for the 2020 Academy Awards, the highest honors in the movie industry, were announced on Monday. The awards will be handed out on Feb. 9 at a ceremony in Hollywood.

• BEST PICTURE: The Irishman, Once Upon a Time in Hollywood, Parasite, Marriage Story, 1917, Jojo Rabbit, Joker, Little Women, Ford v Ferrari

• BEST DIRECTOR: Martin Scorsese, The Irishman; Quentin Tarantino, Once Upon a Time in Hollywood; Bong Joon Ho, Parasite; Sam Mendes, 1917; Cho Yeo-jeong, Parasite; Todd Phillips, Joker

• BEST ACTOR: Joaquin Phoenix, Joker; Adam Driver, Marriage Story; Leonardo DiCaprio, Once Upon a Time in Hollywood; Antonio Banderas, Pain and Glory; Jonathan Pryce, The Two Popes

• BEST ACTRESS: Renee Zellweger, Judy; Charlize Theron, Bombshell; Scarlett Johansson, Marriage Story; Saoirse Ronan, Little Women; Cynthia Erivo, Harriet

• BEST SUPPORTING ACTOR: Brad Pitt, Once Upon a Time in Hollywood; Al Pacino, The Irishman; Joe Pesci, The Irishman; Tom Hanks, A Beautiful Day in the Neighborhood; Anthony Hopkins, The Two Popes

• BEST SUPPORTING ACTRESS: Laura Dern, Marriage Story; Margot Robbie, Bombshell; Florence Pugh, Little Women; Scarlett Johansson, Jojo Rabbit; Kathy Bates, Richard Jewell

• BEST ORIGINAL SCREENPLAY: Marriage Story, Once Upon a Time in Hollywood, Parasite, Knives Out

• BEST ADAPTED SCREENPLAY: The Irishman, Jojo Rabbit, Joker, Little Women, The Two Popes

• BEST ANIMATED FEATURE FILM: How to Train Your Dragon: The Hidden World, I Lost My Body, Klaus, Missing Link, Toy Story 4

• BEST DOCUMENTARY FILM: American Factory, The Cave, The Edge of Democracy, For Sama, Honeyland

• BEST INTERNATONAL FEATURE FILM: Corpus Christi, Poland; Honeyland, North Macedonia; Les Miserables, France; Pain and Glory, Spain; Parasite, South Korea

• BEST ORIGINAL SONG: “I Can’t Let You Throw Yourself Away,” Toy Story 4; “(I’m Gonna) Love Me Again,” Rocketman; “I’m Standing With You,” Breakthrough; “Into the Unknown,” Frozen 2; “Stand Up,” Harriet — Reuters

PSBank raises P4.65B via three-year papers

PHILIPPINE SAVINGS Bank (PSBank) raised P4.65 billion from its latest bond issuance, cutting short its offer period on Monday for the three-year fixed- rate bonds due to strong demand.

In a disclosure to the local stock exchange Tuesday, the thrift banking arm of Metrobank Group said they upsized the issue from the initial P3-billion plan as the offer was almost two times oversubscribed.

PSBank said the offer period, which started on Jan. 9, closed on Monday, a week earlier than the initial plan to end it on Jan. 21.

The bonds carry an interest rate of 4.5% per annum with quarterly interest payments. The principal amount will be paid on the maturity date in 2023.

The Ty-led thrift bank said proceeds of the fund-raising activity will be used to finance its future business expansions, particularly for its consumer banking business.

The three-year bonds will be listed at the Philippine Dealing & Exchange Corp. next month, Feb. 4.

The issuance marked the second tranche of PSBank’s P40-billion funding program, following the first issue where the lender raised P6.3 billion.

“Both issuances will give the bank an opportunity to access long-term funding as it further expands its consumer banking business,” the statement read.

PSBank’s net earnings rose 20% in the third quarter of 2019 to P813 million on the back of the nine percent increase in its core revenues which were largely from interest income and fee-based income.

The bank’s shares went up 1.93% or by P1.10 to P58.20 apiece on Tuesday from the previous day’s P57.20 level. — B.M. Laforga

MVP group provides support in Taal relief efforts

COMPANIES and foundations led by businessman Manuel V. Pangilinan have volunteered to provide power, water, communication services and food to communities affected by Taal Volcano’s eruption on Sunday, the group said.

“Aid in the form of power, water, communication, food and relief packs are being deployed to affected communities,” PLDT, Inc. said in a statement on Monday.

The companies include Manila Electric Co. (Meralco), Maynilad Water Services, Inc., and PLDT, which said that the social development arm and corporate foundation of Meralco, the One Meralco Foundation, is providing solar mobile charging stations at the evacuation centers.

Meralco, whose power distribution network in the affected areas was operating normally on Monday except in parts of Tagaytay City and Canlubang, is also coordinating with the Philippine Disaster Resilience Foundation (PDRF) to provide gensets to evacuation centers.

Charging services are also available at PLDT’s Tagaytay office for free.

Maynilad is coordinating with the Department of Public Works and Highways for the deployment of 13 water tankers in the affected areas. It has also partnered with the Department of Social Welfare and Development for the provision of 2,000 6-liter mineral water bottles.

The Makati Medical Center Foundation is providing 2,400 bottles of mineral water in partnership with Le Minerale to affected communities.

“Metro Pacific Tollways Corporation (MPTC) has likewise mobilized its teams to aid in clearing operations. It is currently providing water for windshields of affected CALAX motorists. MPTC is also clearing ashfall at carriageways to ensure safe passage of all vehicles. MPTC would also mobilize relief efforts to affected communities,” PLDT said.

Through its subsidiary Smart Communications, Inc., PLDT has also provided communication support and load credits to the volunteers of the Metropolitan Manila Development Authority who are assisting in the evacuation, rescue and relief of the affected residents in Batangas.

Alagang Kapatid Foundation, PLDT-Smart Foundation (PSF), and Cignal TV are deploying a food truck at evacuation centers in Batangas.

PLDT said affected families at evacuation centers would be provided with relief goods.

In partnership with My Dream in a Shoebox Project, the Makati Medical Center Foundation is providing 8,000 pieces of face masks and 1,500 psycho-social first aid kits.

The PLDT also said that hygiene kits and protector masks would be given to emergency responders teams.

For its part, the Metro Pacific Investments Foundation will distribute 1,000 blankets, 1,000 mats, and 1,500 shirts for both children and adults in the affected areas. — Arjay L. Balinbin

Parasite director Bong Joon Ho says ‘language barrier’ broken after Oscar nod

SEOUL — Parasite director Bong Joon Ho said he was surprised and overjoyed when the film won six Oscar nominations on Monday, a historic first for South Korea’s film industry and a sign that language is no longer a barrier to global success.

Parasite, a dark comedy about the vast gap between the rich and poor in South Korea, snagged a coveted best picture nomination, best director for Bong, and best screenplay in addition to its best international feature nomination.

“Every time they announced the new nominations, it was so thrilling, because we didn’t really anticipate any of this,” Bong told Reuters Television in an interview in California.

Bong had previously discussed the challenges of international films breaking the “language barrier” around the world, but said the nominations suggest those barriers may now be falling.

“We can say that thanks to the internet, social media and these streaming services, the entire society is experiencing less of these language barriers and perhaps Parasite benefitted from that global trend,” he said.

In a video shared online by production company NEON, one of the show’s stars, Song Kang-ho, manages to not spill a cup of coffee as he and others in the room excitedly celebrate.

“The sign you’re a global superstar: You don’t spill your coffee when your film is nominated for Best Picture,” the company said.

REACTIONS FROM OTHER NOMINEES
Oscar nominees expressed a mixture of pride, gratitude and honor on Monday after being short-listed for the 2020 Academy Awards.

The following are some reactions — through statements, telephone calls and social media — to the nominations.

• Adam Driver, best actor nominee, Marriage Story — “I’m honored and incredibly grateful to represent the people who made Marriage Story, and to be included among a list of actors I greatly admire!”

• Leonardo DiCaprio, best actor nominee, Once Upon a Time in Hollywood — “This film in many ways is a tribute to all those who were a part of this industry. Cinema is, and continues to be a powerful form of free artistic expression. This film along with so many others this year were truly original and impactful. I hope, as we progress, we continue to see even more of them.”

• Joaquin Phoenix, best actor nominee, Joker — “I feel honored and humbled to have been nominated by my fellow actors. The Academy’s encouragement helped ignite and sustain my career and I am incredibly grateful for that support.”

• Sam Mendes, best director, original screenplay nominee, 1917 — “I couldn’t be more thrilled. This movie was a labor of love for many people — myself included — so to see it recognized in this way is very moving for all of us. I would like to thank the Academy on behalf of my fellow producers, and on behalf of every single person who put their heart and soul into this film.”

• Martin Scorsese, best director nominee, The Irishman — “I’m honored that our work on The Irishman has been honored by the Academy with these nominations. We put all of ourselves into this picture, a true labor of love, and to be recognized in this way means a great deal to all of us.”

• Laura Dern, best supporting actress nominee, Marriage Story — “It is such an honor to be acknowledged by one’s peers in this extraordinary way. I am so proud of the brilliant writing, directing and the magnificent cast of Marriage Story.”

• Tom Hanks, best supporting actor nominee, A Beautiful Day in the Neighborhood — “I’m honored to be included with the caliber of actors such as Anthony Hopkins, Joe Pesci, Al Pacino and Brad Pitt. It will be a grand night.”

• Robert De Niro, (producer) best picture nominee, The Irishman — “Bringing The Irishman to the screen was a 12-year saga which I wanted to make with my friends and work again with Marty (Scorsese), Joe (Pesci) and Al (Pacino)… It’s great that the picture has been embraced by audiences and is now getting this recognition from the Academy.”

• Cynthia Erivo, best actress nominee and best original song, Harriet — “To receive two Oscar nominations for a film paying tribute to Harriet Tubman, a person whose heart and spirit are the embodiment of courage, makes this morning’s news beyond anything I could have ever imagined. This is more than a dream come true… being asked to co-write and perform the song in the film was the icing on an already wonderful cake.”

• Saoirse Ronan, best actress nominee, Little Women — “I’m just so thrilled that our Little Women has been recognized by the Academy. Greta (Gerwig) made something so special that I’m just thankful to have been a part of, let alone nominated for.”

• Former President Barack Obama, best documentary feature nominee, American Factory — “Glad to see American Factory’s Oscar nod for best documentary. It’s the kind of story we don’t see often enough and it’s exactly what Michelle and I hope to achieve with (our production company) Higher Ground.”

• Kathy Bates, best supporting actress nominee, Richard Jewell — “I am very proud of this film and it was truly an honor to work with the legendary Clint Eastwood on bringing the truth of Richard Jewell to light… My hope is that this film brings the justice and peace Richard and Bobi Jewell deserve by shining a light on their story and his heroism.”

• Amy Pascal, producer of best picture nominee, Little Women — “We are profoundly overwhelmed and honored to have received all these nominations from the Academy, and to have made history by being only the third movie ever to be nominated for best picture that’s written, directed and produced exclusively by women. This film is a testament to the brilliance of Greta Gerwig.”

Todd Phillips, best picture, director, adapted screenplay nominee, Joker — “Joker began as an idea, an experiment really — could we take an ‘indie approach’ to a studio film by inverting it into a character study to reflect the world around us? Explore what we’re seeing and feeling in society, from the lack of empathy to the effects of the absence of love.”

• Petra Costa and Joanna Natasegara, best documentary feature nominee, The Edge of Democracy — “In a time where fascism is spreading like an epidemic, we hope this film can help us all understand how crucial it is to protect our democracies. We are at a time where the personal has become utterly political for so many around the world and I believe it is through stories, language and documentaries that civilizations begin to heal.” — Reuters

BPI eyes P3B from two-year bonds

BANK of the Philippine Islands (BPI) is looking to raise up to P3 billion through the issuance of peso-denominated fixed-rate bonds.

BPI said in a disclosure on Tuesday that the bonds have a tenor of two years and an interest rate of 4.2423% per annum, payable quarterly.

Proceeds from the issue will be used to back BPI’s expansion plans and diversify its funding sources, the lender said.

The bank started offering the bonds on Monday. The offer period is set to run until Jan. 17, and the listing date is set on Jan. 24.

“BPI reserves the right to adjust the timing of any of these dates as it considers appropriate,” it said.

The bank said the bonds have a minimum investment amount of P1 million and in increments of P100,000 thereafter.

Standard Chartered Bank will join BPI Capital Corp. as lead arranger for the issuance. BPI Capital Corp. will likewise be the sole selling agent of the bonds, with Standard Chartered serving as a participating selling agent.

“We are confident that investors will continue to support BPI’s fund-raising initiatives, as backed by the bank’s robust credit metrics,” BPI Treasurer Dino R. Gasmen said in the statement.

The Ayala-led bank booked a net income of P8.29 billion in the third quarter of 2019, jumping 38.6% from its profit in the comparable year-ago period.

For the first nine months of 2019, the lender’s net income was at P22.03 billion, up 29.5% from the P17.01 billion booked in the same period in 2018.

BPI’s shares ended trading at P86.80 apiece on Tuesday, up by 0.35% from its Jan. 10 close of P86.50 each. — L.W.T. Noble

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